The value of mobile money transactions increased to 9.72% of Nigeria’s gross domestic product in 2020, as lockdowns from the COVID-19 pandemic pushed more people into internal banking and banking. other digital transactions.
However, the number of registered mobile money agent outlets per 1,000 km2 has been reduced to 141.81, according to the International Monetary Fund’s Financial Access Survey report.
In the Financial Access Survey, the IMF said the value of mobile money transactions increased from 3.04 (4.18 billion n) percent of GDP in 2019 (4.18 billion n ) to 9.72% of GDP in 2020 (16.01 billion n). This represents a growth of 283%.
As the value of transactions increased, the total number of outlets per 1,000 km2 increased from 160.08 in 2019 to 141.81 in 2020.
According to the World Bank, Nigeria’s GDP was 164.71 billion naira ($ 432.3 billion) in 2020 and 137.54 billion naira ($ 448.1 billion) in 2019.
The IMF report said in part: “Social distancing and lockdowns have increased the use of digital financial services, and the latest FAS data confirms this development.
“The use of mobile money has increased dramatically in low- and middle-income economies, with the value of mobile money transactions as a percentage of GDP increasing by two percentage points on average for low- and lower-middle-income economies. in 2020.
“The number and value of mobile and internet banking transactions have also increased for all income groups in countries, especially among upper and upper middle income economies. ”
According to the Nigerian Interbank Settlement System, the pandemic has changed the landscape for electronic payments and accelerated the adoption of instant payments as people shifted to electronic channels for exchanging funds following the lockdowns.
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